Disclosure Statement and Privacy Policy
The PakCredit online digital lending application is owned and operated by VisionCred Financial Services
(Private) Limited, a company incorporated under the provisions of the Companies Act, 2017, holding CUIN
0215398 (the “Company” or “PakCredit”) and licensed as a
non-banking finance company under License No.
SECP/LRD/97/VFSL/2022-86. The Company is engaged in the business of providing
micro and nano-loans to its
customers in Pakistan through the PakCredit mobile application (the “Application”).
PakCredit is committed to protecting and respecting your privacy. This Privacy Policy has been formulated
to assist you to understand how your personal information will be collected, stored and processed by
PakCredit when you use the Application.
All users or customers of the Application are advised to read and understand this Privacy Policy carefully,
as by accessing the Application you agree to be bound by the terms of this Privacy Policy and consent to the
collection, use, disclosure, safe storage and protection of your personal information by PakCredit in
accordance with this Privacy Policy, or any changes made hereto.
This Privacy Policy is subject to change or modification from time to time without prior notice. We will
notify you of any material change to this Privacy Policy by posting a notice on the Application’s homepage
for a reasonable period of time following such update or by sending an email to the email address associated
with your user account. It is advised that you regularly review our Privacy Policy as available on the
Application to keep up to date with any changes made.
References below to “you” or “customer” shall mean any
visitor, user, business partner, agent, supplier,
vendor or customer of PakCredit or its Application and shall include a “User”.
References to “we” or “us”
shall mean the Company / PakCredit.
1.When this Privacy Policy applies
1.1.This Policy applies when you access, sign-up, provide information, upload or supply documents or
otherwise use or subscribe to PakCredit’s products, services, applications, websites or networks, all of
which are subject to the terms of this Privacy Policy. This includes data, video, advertising, internet and
other products, services and applications.
1.2.This Privacy Policy also applies to you and anyone who uses our products or services under your
account, except where we identify that a separate privacy policy or terms and conditions apply. You are
responsible for making sure you understand this Privacy Policy.
1.3.You must agree to and be willing to accept the terms of this Privacy Policy before you may visit or use
the Application, or any products or services offered therein.
1.4.This Privacy Policy and any additional terms of use apply to you even if you are not our customer and
you interact with us as part of running our business, such as by:
a.accessing any of our products or services accessible through the Application;
b.when using any of our products or services;
c.generally enquiring about our services or products.
d.when entering any promotion;
e.when calling our help desk; or
f.when you download the PakCredit mobile application, or sign-up or create an account with PakCredit.
1.5.If you need to give us personal information about someone else in relation to our products and
services, this Privacy Policy will also apply.
1.6.Depending on the product or services, you may also receive service-specific and/or region-specific
terms. You will be legally bound by both this Privacy Policy and the service/region specific term to the
extent that you have accepted them when signing up to any service or product; therefore, you are required to
read these terms carefully.
1.7.It is your responsibility to ensure that all personal data submitted to PakCredit are correct. You are
responsible for maintaining the accuracy and completeness of personal data and keeping the data up-to-date.
2.What Information We Collect
2.1.The Company is committed to protecting all Personal Information (defined below at clause 2.3) of its
employees, customers, business partners, suppliers, contractors and other parties that the Company will
engage with.
2.2.To this end, the Company hereby formulates uniform practices and procedures for the collection,
recording, consolidation, update, disclosure, storage, access, transfer, retention, destruction and for the
fair, proper and legal processing of your Personal Information. The terms of this Privacy Policy apply to
all persons whose Personal Information is processed by the Company through the Application.
“Personal Information” means any information that can be used by itself to
uniquely identify, contact, or
locate a person, or can be used with information available from other sources to uniquely identify an
individual, such as personal information that you provide when you make any request, use our services, set
up a user account or otherwise interact with us or provide information, which includes your name, father’s
name, CNIC or any other personal identification number, mailing/home address, e-mail address, phone/mobile
number, home country, occupation, educational background, and zip/postal code, SIM card, age, gender,
username, password and other registration information (such as the security questions and answers we have on
your account)), personal description and photograph.
2.3.When you use the Application, we store your Personal Information, which is obtained through your
express consent to this Privacy Policy, which, once collected is clearly displayed on the Application to be
solely accessible to the user. This allows us to provide services and features that cater to your needs and
customizes the Application to make your experience more efficient and easier. More importantly, we will
collect Personal Information from you that we believe is necessary to achieve the purposes stated in this
Privacy Policy. In general, when browsing the Application, you are not required to provide any Personal
Information. However, when creating an account on the Application, you must provide us with certain basic
information required to provide customized services.
2.4.We collect information and data you provide when you register to use any products or services via the
Application, download or register the same, subscribe to any of our services (such as applying for a loan),
search for a product, service or application, share data via the Application, enter a competition, promotion
or survey, and when you report a problem with the Application or our services.
2.5.PakCredit and its authorized third-parties may also collect, store and process personal information
such as password, financial information (details of bank account, credit card, debit card, or other payment
instrument details) and other relevant information in order to enable us to more effectively market and
provide our products, services and for use of our Application.
2.6.To better know your credit qualifications, we need to access the following permissions and collect
information by your consent. Your information will be encrypted and transmitted to our server
( https://safe.pakcreditweb.com and https://pbig.pakcreditweb.com ) in a secure manner. You can agree or deny
the following permissions we need to access:
a. Location
<Tips for why we need your Location Permission> We require access to your geographic location
information in
order to conduct a thorough customer risk assessment.
<Tips for what information we collect> In some cases, you will be prompted or asked to activate
location
services on your mobile device.
<Tips for keeping your data secure> We will upload location data to our server (
https://safe.pakcreditweb.com ) with high level protection.
b.Installed App List
<Tips for what information we collect> We collect a list of the installed applications metadata
information
which includes the application name, package name, installed time, updated time, version name and
version code of each installed application.
<Tips for keeping your data secure> We will upload the collected data to our server (
https://safe.pakcreditweb.com ) with high level protection. We never share data
with third parties
without your permission.
c.Device Information
<Tips for why we need your Phone Permission> To ensure that your account remains secure and to provide
you
with the best possible user experience, we collect information about your device. This information is
used to provide automatic updates, enhance security measures, and prevent unauthorized access to your
account. We also leverage this information to improve our services and tailor them to your needs as a
user. Additionally, we use the advertising ID information to prevent fraud, maintain security, and
comply with regulations. For example, we monitor failed login attempts to identify and prevent potential
fraudulent activities.
<Tips for what information we collect> We may collect some of your device information, such as
hardware
information (including the device's operating system, advertising ID, Android version, IMEI number, IMSI
number, MAC address, serial number, Android ID, your profile information, list of installed apps, Wi-Fi
network information.), and serial number to uniquely identify the device and ensure that unauthorized
devices are not to act on your behalf to prevent frauds.
<Tips for keeping your data secure> We will upload the collected data to our server (
https://safe.pakcreditweb.com ) with high level protection.
d.Camera
In order to provide you with the best possible service, PakCredit will need your authorization to access
your device's camera for capturing the image of your CNIC and a live photo that will be taken by PakCredit
itself. Please note that all the information captured will be securely uploaded to our server in Pakistan
using encrypted technology, which ensures the safety and privacy of your personal data. Our server can be
accessed via the following link: https://safe.pakcreditweb.com .
e.Emergency contact only
With your consent, we will only collect details of two emergency contacts from you for the purposes of
identity verification, risk management, and anti-fraud controls. The only way we can collect this
information is if you manually fill in or select your emergency contacts directly, including your
relationship to them, their mobile number, and name. (This method will only obtain details for your two
designated emergency contacts and you will not be able to access or obtain your full contact information).
We will not share your personal data with any third parties without your explicit permission. We also ensure
that any data you provide will be securely transmitted to our servers ( https://safe.pakcreditweb.com ) in
an encrypted format.
3.What we use the information for
3.1.Information collected by us (or where applicable and necessary, the parties stated at clause 3.3) shall
be used exclusively in connection with providing you with financial services via the Application.
3.2.In this regard:
a.We shall use the information to determine whether or not to provide a financial service or product to
you, the amount of such exposure and the terms and conditions applicable to such services or product.
b.We access, store and use the information we collect from you to provide our services and develop new
products. We use personal information to provide the services you request in order to customize your user
experience and improve our services. If we intend to use your personal information to promote any products
to you, we will provide you with the ability to opt-out of such uses.
c.Subject to your consent, we may share your personal information with other partners, as described in this
Privacy Policy, when services are provided by partners authorized by us. In addition, we may share personal
information with our affiliates and subsidiaries subject to your consent.
d.We use your information to power our services and to improve your experiences and interaction with
PakCredit. We use your information to provide, support, improve, protect, analyze and bill for our products
and services; to communicate with you about your service, products or applications; to market our products
and services; to detect and avoid fraud; for advertising; and for research purposes.
3.3.We may use information we collect from you when you purchase a product or service from us, sign up for
our newsletter, respond to a survey or marketing communication, surf the or Application, if you register for
an online account with us, download and register on one of our apps or use certain other site features in
the following ways:
a.personalize your experience and to allow us to deliver the type of content and product offerings in which
you are most interested;
b.improve our Application in order to better serve you;
c.allow us to better service you in responding to your customer service requests;
d.administer a contest, promotion, survey or other site feature;
e.ask for ratings and reviews of services or products; and
f.follow up with them after correspondence (live chat, email, phone inquiries, or WhatsApp, either directly
with the user or with and through an authorized person of reference whose information has been provided by
the user to PakCredit). The said modes of communication will be conducted exclusively through official
channels, and all such communications shall be duly recorded.
3.4.This means we may:
a.record details about the products and services you use or order from us;
b.send you product or service-information messages (we may send you messages to confirm your order and tell
you about any changes that might affect your service, like when we have infrastructure work planned or need
to fix something);
c.let you create and log in to the online user accounts;
d.charge you and make sure your payment reaches us; and
e.give information to someone else (if we need to for the product or service you’ve ordered) or to another
communications provider if you’re buying some services from them and us.
3.5.In addition, we use the following information to provide products and services and manage your account:
a.your contact details and other information to confirm your identity and your communications with us. This
includes your Personal Information and other relevant credentials;
b.your payment and financial information;
c.your communications with us, including emails, webchats and phone calls. We will also keep records of
any settings or communication preferences you choose; and
d.information from cookies placed on your connected devices that we need so we can provide a service.
4.What we may disclose information to third parties
4.1.We may disclose some or all of the data we collect from you when you download or use the Application to
connect to mobile wallet providers, credit bureaus, duly licensed lenders or other partner financial
institutions. We may, with your consent, disclose your personal information to any member of our group,
which means our subsidiaries, our ultimate holding company and its subsidiaries, and any agents or counsels
of PakCredit.
4.2.We may also use a third-party payments services provider or payments processing company to process
payments and repayments, transfer money to your operative user account, process other payments, and to
provide additional products and services, and may therefore disclose your information to such third-party
payments services provider.
4.3.We may disclose your personal information to any local or international law enforcement officers or
competent regulatory or governmental agencies or a court of competent jurisdiction, in good faith belief
that such disclosure is reasonably necessary to enforce any terms and conditions and/or this Privacy Policy,
to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud.
4.4.We shall use your data for the purposes of compiling statistic relating to our user base or financial
product or services and may disclose such information to any third party for such purposes, provided that
such information will always be anonymous.
4.5.We may use other third-party companies to monitor site traffic, which may, in some instances, store
customer information. Where we use another organization, we still control your personal information and we
have strict controls in place to make sure it’s properly protected.
4.6.We may also disclose or transfer your personal information to third parties in the event that:
a.PakCredit is involved in a merger, bankruptcy, acquisition, reorganization, liquidation, or sale of
assets, in which case we may disclose your personal data to the prospective seller or buyer of such business
or assets;
b.PakCredit or substantially all of its assets are acquired by a third party, personal data held by it
about its customers will be one of the transferred assets;
c.PakCredit is under a duty to disclose or share your personal data in order to comply with any legal or
regulatory obligation or request.
4.7.We may also disclose such information in order to enforce any PakCredit terms and other agreements or
to investigate potential breaches; report defaulters to any credit bureau or for the purpose of publishing
statistics relating to the use of the Application, in which case all information will be aggregated and made
anonymous.
4.8.We may use your Personal Information or any other information obtained as stated in this Privacy Policy
in order to contact you via telephone, email, Whatsapp/messenger or other available means.
5.Data Retention and Deletion
You can choose to edit/modify or delete/withdraw any your own personal information submitted on or for use
of the Application at any time. Please note that deleting or withdrawing information may affect the services
we provide to you. If there is any change in personal information made by you, you must provide supporting
documents related to the change of personal information for verification by the company.
We are dedicated to retaining user data only for as long as necessary to serve the business purposes for
which it was collected, including identity verification, credit assessment, fraud prevention, and
transaction processing. The retention period will depend on the nature of the data and any applicable legal
or regulatory requirements.
Once these business purposes are fulfilled, and there are no further legal, regulatory, or legitimate
business reasons to retain the data, we will securely delete or anonymize your personal information in
compliance with relevant laws. Users may also request the deletion of their data at any time, in accordance
with legal and regulatory obligations.
6.Security Practices and Safety Precautions
6.1. At PakCredit, we take your data security seriously. That's why we use the HTTPS protocol to encrypt
and transmit your OTP information to our server. You can trust that we will never share your data with third
parties without your consent.
6.2.We adopt reasonable security practices and procedures, to include, technical, operational, managerial
and physical security controls in order to protect your personal information from unauthorized access, or
disclosure while it is under our control. Your personal information is contained behind secured networks and
is only accessible by a limited number of persons who have special access rights to such systems and are
required to keep the information confidential.
6.3.The data and information we collect from you may be transferred to, and stored at, a destination, i.e.
it is encrypted and stored on the PakCredit server. The staff members at the destination may be engaged in
the fulfillment of your requests. By submitting your personal information, you agree to this transfer,
storing or processing. We will take all steps reasonably necessary to ensure that your data is treated
securely and in accordance with this Privacy Policy.
6.4.Our security practices and procedures limit access to personal information on need-only basis. Further,
our employees are bound by code of conduct and confidentiality policies which obligate them to protect the
confidentiality of personal information.
6.5.We maintain the security of our Application, however, for reasons outside of our control, security
risks may still arise. Any personal information transmitted to us or from our online products or services
will therefore be your own risk. However, we will use all reasonable efforts to ensure the security of your
information. We observe reasonable security measures to protect your personal information against hacking
and virus dissemination.
6.6.Where we have given you (or where you have chosen) a password that enables you to access the
Application, you are responsible for keeping this password confidential. We maintain the security of our
Application, however, for reasons outside of our control, security risks may still arise. Any personal
information transmitted to us or from our online products or services will therefore be your own risk.
However, we will use all reasonable efforts to ensure the security of your information. We observe
reasonable security measures to protect your personal information against hacking and virus dissemination or
prevention of unauthorized access, to the extent reasonably practical.
6.7.We ask you not to share a password with anyone. Unfortunately, the transmission of information via the
internet is not completely secure. Once we have received your information, we will use procedures and
security features to try to prevent unauthorized access, to the extent reasonably practical.
6.8.You agree that PakCredit or any of its affiliates, associated or related entities, employees,
directors, shareholders, agents, counsels or representatives etc. shall have no liability towards you in
case of any unintended security breach which results in unauthorized access to, or disclosure of, your
information. You agree to waive, to the fullest extent permitted by law, all of your rights to seek damages
or otherwise hold PakCredit and its related entities liable for any security breach resulting in disclosure
or unauthorized access to your information.
7.Your Rights And Privacy Control
7.1.Regarding the information we collect and how it is collected, you have specific choices that may
control what information we collect after using your device. For example, you can modify the permissions on
your Android or iOS device to access camera or audio permissions or delete your account on the Application.
You can also delete content from our servers, subject to applicable laws, by requesting us via email at
data@pakcreditloan.com
7.2.Once you have deleted your account, you will no longer be able to use the services via the Application.
PakCredit reserves the right to retain your personal information in accordance with relative applicable laws
and regulations for a retention period required by the laws. Upon the expiration of the retention period, we
will remove or anonymize your personal information.
7.3.To the extent required by applicable law, you may (i) have the right to access certain personal data we
maintain about you, (ii) request that we update or correct inaccuracies in that data, (iii) object or
restrict to our use of your personal data, and (iv) ask us to delete your personal data from our database.
To exercise these rights, please write to our data protection officer on:
Data Protection/Privacy Officer
VisionCred Financial Services (Private) Limited
Email: data@pakcreditloan.com
7.4.Your written request may be required for security. When you object to, or restrict our use of your
personal data, this may affect the services we provide to you. We may decline the request if we have
reasonable grounds to believe that the request is a fraudulent, unfeasible or may jeopardize the privacy of
others.
7.5.Opt-Out of Data Sharing or Sale
We respect your privacy and offer you control over how your personal data is shared or sold to third
parties. If you prefer not to have your personal data shared or sold, you can opt out by following the steps
below:
a.In-App Privacy Settings
Access the app's privacy settings to adjust permissions for sharing your data with third-party services.
You can disable data sharing for marketing, advertising, or any non-essential services.
b.Contact Customer Support
Reach out to our customer support team via [insert contact details] to request an opt-out from data sharing
or selling activities. Once we receive your request, we will process it and ensure your personal data is no
longer shared or sold for purposes beyond the core services we provide.
c.Marketing Communications
You can also opt out of receiving marketing communications by updating your preferences in the app or by
clicking the "unsubscribe" link in any marketing emails you receive.
Right to Know About Data Sharing and Opt-Out of the sharing
In addition to opting out, you have the right to know whether your personal data has been shared with third
parties. To request information regarding the sharing of your data, please contact our customer support team
through the provided channels. We will respond with the relevant details in compliance with applicable laws.
Right to Know About Data Sales and Opt-Out of the selling
You also have the right to know whether your personal data has been sold to third parties. To inquire about
data sales, please contact our customer support team, and we will provide you with the relevant details in
accordance with applicable laws.
8.The Link In Our Application
8.1.Link to Third-Party SDK
Our Application has a link to a registered third-party SDK, which collects data from our representatives
and the data is stored on a secure server to perform credit risk assessment. We ensure that our third-party
service providers take extensive security measures to protect your personal information and prevent data
loss, misuse or alteration. Our third-party service providers adopt environment separation and separation of
duties, and have strict role-based access control on the basis of documentation, authorization, and use. The
stored data is protected and stored by application-level encryption. They implement key management services
to restrict access to data. In addition, our registered third-party service providers provide host security.
They use industry-leading anti-virus, anti-malware, intrusion prevention systems, intrusion detection
systems, file integrity monitoring and application control solutions.
8.2.Link to other websites or applications
The Application contains links to other websites or applications not owned or managed by PakCredit. These
other websites or applications may collect your personally identifiable information. We are not responsible
for the privacy practices or content of these linked websites or applications and only deal with the
disclosure and use of the information we collect through the Application as stated in this Privacy Policy.
Kindly ensure to review privacy policies of websites or applications that you visit which have been linked
on the PakCredit to ensure safety of your personally identifiable information.
9.Your Consent to the Collection, Use and Disclosure of Information
9.1.By using the Application and/or by providing your information, you agree to the collection and use of
the information you disclose or that generated as a result of your use of our service on the or Application
in accordance with this Privacy Policy, including but not limited to your consent to the collection, use,
sharing and disclosure in accordance with this Privacy Policy your message. If we decide to change our
Privacy Policy, we will post these changes on the Application so that you can always know what information
we collect, how we use it, and under what circumstances we disclose it.
9.2.By providing us with your contact information, including home or mobile phone number, we obtain your
permission to contact you or the authorized person whose details have been provided by you to PakCredit
through SMS, manual or pre-recorded voice messages and automatic dialing technology, WhatsApp, email,
live-chat, and post, for all purposes that are not prohibited by applicable laws. Message and data rates may
apply. The purpose of the call and information includes; suspected fraud or identity theft; obtaining
information; transactions or services of your account; collecting your account or collecting accounts that
are in arrears. The rights granted to us in this section are extended to our company’s affiliates,
subsidiaries, agents, suppliers, ultimate holding company or its subsidiaries.
10.Exercise Access, Rectification, Cancellation and Opposition (“ARCO”) Rights
10.1.To the extent required by applicable laws, you have the right to access your personal information
collected and the details of their treatment, as well as to rectify them if they are inaccurate or cancel
their use through a written request addressed to the following email address data@pakcreditloan.com or by
submitting a letter within the office facilities of the Company during office hours on working days, said
requirements will be attended on priority basis. Please note that deleting or withdrawing information may
affect the services we provide to you. If there is any change in personal information made by you, you must
provide supporting documents related to the change of personal information for verification by the company.
10.2.To exercise ARCO rights, an application must contain and accompany the following:
a.The full name of the user, address and email account or any means to communicate the response to the
request.
b.The documents that prove the identity or, where appropriate, the legal representation of the user.
c.The clear and precise description of the Personal Information on which you wish to exercise any ARCO
Rights.
d.In the case of requesting a rectification, the documentation that supports the requested rectification
must be attached.
e.the Company reserves the right to request additional information and/or documentation to that mentioned
in order to meet the request.
10.3.The Company will not be obliged to delete any personal information when (i) it is necessary for
performing the contract obligations, (ii) it is subject to the applicable laws, (iii) it is necessary to
comply with an obligation legally acquired by the user.
10.4.You may also at any time oppose the processing of data that is not essential for the legal and/or
commercial relationship that you establish with the Company, which you may do through the procedure
indicated here.
10.5.In the processing of your personal information, it is primarily anticipated that its protection is
against any damage, loss, alteration, destruction, and against any unauthorized use, access or treatment.
10.6.Subject to applicable laws, you have the right to withdraw your consent to the collection, storage,
processing and disclosure of your information at any time, provided that you have no obligation pending
towards PakCredit. By withdrawing your consent, you will no longer be eligible to use the Application or
maintain a user account with PakCredit. You can also withdraw your consent for further collection of this
information at any time by logging out and uninstalling the PakCredit mobile or other applications from your
device.
10.7.We process your personal data based on your consent. However, withdrawal does not affect the
legitimacy and effectiveness of how we process your personal data based on your consent before the
withdrawal is made; nor does it affect any data processing based on another justification other than your
consent.
11.Protection of Minors
We place great value on the protection of minors' personal information. As required by applicable laws and
regulations, any user under the age of 18 should be banned to use our service. As the parent or statutory
guardian of a minor, it is your responsibility to prohibit your child from using our service. Otherwise, all
legal consequences are borne by yourself.
12.Disputes
With respect to any disputes regarding this Privacy Policy including but not limited to any provisions
related to indemnification, limitation of liability relating to damages, choice of law and dispute
resolution forum, we ask you to first submit any such complaints directly to us the relevant customer
services desk or helpline.
13.Contact Us
If you have any questions, comments, requests, or feedback regarding this Privacy Policy, feel free to reach out to us through our website ( https://www.pakcreditloan.com ) or via email ( service@pakcreditloan.com ).
Our Contact Information:
- Company Name: VisionCred Financial Services (Private) Limited
- Trade Name: PakCredit
- Email: service@pakcreditloan.com
- Hotline: 051 - 8840829
Service Hours:
- Monday - Sunday: 09:00 AM – 9:00 PM